Another luxury car manufacturer announces it will begin accepting Bitcoin payments

Karma Automotive, a California-based luxury electric car maker, has begun accepting digital currencies as a form of payment at a store in Newport Beach.

Karma Newport Beach now enables customers to pay for new vehicles and related services with Bitcoin, according to a company news release Oct. 15. Karma CEO Lance Zhou said in announcing the new product.

“We are opening up our platform as a testbed to help convert theoretical blockchain applications into real-world use. Karma’s flagship store will support our work to prove out emerging technologies and offer the latest VVIP customer treatment products by accepting Bitcoin cryptocurrency.”

China's Wanxiang Group acquired Karma's assets from Fisker Automotive for $149.2 million in 2014. The company began production of its flagship Revero in 2016, with new models retailing for more than $135,000. The Revero can reportedly travel 37 miles before needing to be recharged.

Cryptocurrency has entered the luxury industry as a form of payment. In September 2018, Swiss luxury watch brand Hublot released the Big Bang Blockchain watch, which can only be purchased with Bitcoin.

Other high-end watches from Franck Muller also have integrated cryptocurrency wallets. Franck Muller’s crypto wallet watches retail from $9,800 to $50,600.

Automakers around the world have been experimenting with blockchain technology, the underlying technology of cryptography, and Ford Motor Co. is looking at blockchain and geofencing technology to accurately track the number of “green miles” driven by its energy-efficient vehicles. BMW, General Motors, Ford, Renault and Honda began testing a blockchain car identification and payment system in the United States.

In September, Indian automaker Tata Motors announced plans to apply blockchain solutions to various aspects of the automotive industry, including parking markets, demand forecasting algorithms and real-time monitoring of fuel quality.

The original text comes from cointelegraph and is translated by the Bluemountain Labs team. The English copyright belongs to the original author. Please contact the translator for Chinese reprint.